Playing Offense in a Challenging Time

COMMERCE BANCSHARES, INC. ANNUAL SHAREHOLDERS’ MEETING

John Kemper President and Chief Executive Officer

April 21, 2021 PLAYING OFFENSE IN A CHALLENGING TIME

www.commercebank.com

2 CAUTIONARY STATEMENT

A number of statements we will be making in our presentation and in the accompanying slides are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements of the Corporation’s plans, goals, objectives, expectations, projections, estimates and intentions. These forward- looking statements involve significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Factors that could cause the Corporation’s actual results to differ materially from such forward- looking statements made herein or by management of the Corporation are set forth in the Corporation’s 2020 Report on Form 10-K and the Corporation’s Current Reports on Form 8-K.

3 TODAY’S DISCUSSION

About Commerce Bancshares

Capitalizing on Our Position of Strength

Economic and Industry Themes

Our Strategic Position

Our Performance and Peer Comparisons

4 COMMERCE BANCSHARES 155 YEARS IN BUSINESS $26.9 TOTAL TOTAL ASSETS BILLION DEPOSITS $32.9 LARGEST U.S. BILLION ND BANK BASED ON 42 ASSET SIZE1 $16.4 TOTAL MARKET CAP BILLION LOANS2 $7.7 LARGEST U.S. BILLION TH BANK BASED ON 17 MARKET CAP1 $8.5 COMMERCIAL TOTAL TRUST BILLION CARD VOLUME ASSETS LARGEST AMONG FULL-SERVICE BANKING FOOTPRINT $61.2 BILLION TH U.S. BANK- 157 full-service branches and 354 ATMs MANAGED TRUST RETURN ON ⬧ ⬧ ⬧ 17 COMPANIES BASED St. Louis City Springfield Central 1 AVERAGE Central ⬧ Wichita ⬧ Tulsa ⬧ City ⬧ Denver ON AUM 10.6% COMMON COMMERCIAL OFFICES EQUITY Cincinnati ⬧ Nashville ⬧ Dallas ⬧ Des Moines BASELINE CREDIT Indianapolis ⬧ Grand Rapids ⬧ Houston 3 YTD ROACE FOR THE ASSESSMENT TH TOP 50 U.S. BANKS U.S. PRESENCE 11 BASED ON ASSET SIZE1 a1 MOODY’S RANKS COMMERCE Extended Commercial Market Area 1 of 6 AMONG THE TOP 6 BANKS IN Commercial Payments Services THE COUNTRY Offered in 48 states across the U.S.

Sources: 1S&P Global Market Intelligence – Regulated U.S. depositories, which includes commercial banks, bank holding companies, and credit unions; 2Includes loans held for sale; 3Moody’s Credit Opinion – Commerce Bancshares, Inc., November 17, 2020; Moody’s rating affirmed December 22, 2020 (Baseline Credit Assessment (BCA) reflects a bank’s standalone credit strength). All information as of 12/31/2020. 5 SUPER-COMMUNITY BANK PLATFORM A consistent strategy with a long-term view

Customer relationship-based: Community Bank Challenge Accepted.® Super-Regional Bank • • Award-winning High-performing teams and Sophisticated payment customer service engaged workforce system capabilities • Focus on the full client • Broad consumer relationship Long history of top quartile product offerings • • Core values credit quality metrics Private Banking; Trust; embraced by team Capital Markets Investment in distinctive, members • Shareholder driven and high-return businesses • Quickly adapt to strong financial customer needs performance Focus on operational • and changing efficiencies Competitive on unit preferences costs Disciplined approach to acquisitions

6 OUR STRONG CULTURE IS THE KEY DRIVER TO A culture OUR LONG-TERM SUCCESS formed more At Commerce, our core values shape the way we live and work. than 155 years ago to be a • We make decisions today that will force for good in We have a our region and V sustain us well into the future. long-term View our industry • We see diversity and inclusion as an We collaborate O imperative and seize opportunities to as One team build teams that reflect all sides of We act with an issue. I Integrity • We value integrity, we recognize our first duty is to conduct business in We are C Customer ways that merit trust and confidence, focused and that adhere to the highest standards of governance and ethics. We strive for E • We value relationships, our Excellence customers are our primary focus.

7 BEYOND FINANCIALS Supporting each other, our customers and our communities

As a socially responsible corporate citizen, we continuously seek opportunities to make a difference.

“ 2 2020 Engagement & Enablement More than nonprofit ” 500 Consistently scoring above the U.S. organizations supported High Performance and U.S. Financial by Commerce team members through Services norms for engagement, leadership roles by serving on boards enablement and effectiveness OUTSTANDING 83% 85% Community Reinvestment Act rating ENABLEMENT ENGAGEMENT 1 for more than 20 years

1Federal Reserve Bank and Office of the Comptroller of the Currency 2The Korn Ferry Hay Group – 2020 survey results 8 COMMERCE’S ESG REPORT

Environmental, Social, and Governance (ESG) refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business.

The report assesses our impact in several key areas: • Environmental sustainability • Customer, team member and community engagement • Corporate governance, including information security and code of ethics • Our response to COVID-19

2020 ESG Report is available on commercebank.com and Investor.commercebank.com

9 OUR COMMITMENT TO DIVERSITY, EQUITY AND INCLUSION Our longstanding approach of “doing what’s right” continues to guide our focus on our team members, customers and communities A culture that celebrates inclusion and diversity Our new Diversity, Equity and Inclusion Commerce offers a variety of internal resource CBI Blue Chip includes four pillars that groups, mentoring programs and networking focus both internally and externally. opportunities We will build on the years of progress we have already made regarding diversity. Customer Deeper focus on growing a diverse customer base Connecting young Empowering women Community professionals 1,281+ members Investing, both financially and with our time in our 550+ members communities Supplier Improve the diversity of our suppliers and spend Engaging LGBTQIA+ Valuing multi-cultural Internal community perspectives Enhance internal talent mobility and external 357+ members 341+ members recruiting practices to increase the diversity of our teams and leaders 10 RECENT RECOGNITION

1

1The Korn Ferry Hay Group – based on 2018 survey results 11 TODAY’S DISCUSSION

About Commerce Bancshares

Capitalizing on Our Position of Strength

Economic and Industry Themes

Our Strategic Position

Our Performance and Peer Comparisons

12 PAYCHECK PROTECTION PROGRAM IMPACT KEY METRICS

Loan Median Total SBA Fees Customers Balances Loan Size SBA Fees Recognized

Round 1 Round 1 Round 1 2020 Round 1 Round 1 Over YTD $1.5 Round 2 Round 2 $41.0 $21.4 1 $33K Round 2 2021 Billion 7,500 Over Million Million$41.0 $331.4 Million$9.3 Million 3,200 $21K Million

1Total funded amount in Round 1 Round 2 information through March 31, 2021 13 PROVIDING RELIEF TO OUR CUSTOMERS Active deferral exposure reduced as pandemic continues Payment Relief Requests Cumulative deferrals1 Active deferrals1 through July 16, 2020 as of December 31, 2020

Number Total Number Total % of Portfolio % of Portfolio Loan Type of Amount of of Amount of (by $ amount) (by $ amount) Requests Requests Requests Requests

Commercial 741 7.8% $720MM 8 .6% $57MM

Mortgage 192 1.9% $48MM 86 .7% $18MM

Consumer Card 1,597 1.5% $10MM 93 .1% $0.6MM

Installment 3,940 5.8% $76MM 500 .6% $8MM

Med/HSF2 3,427 4.3% $9MM 109 .1% $0.3MM

TOTAL 9,686 5.8%3 $863MM 796 .6% $84MM

1Deferrals are defined as modifications, payment deferrals, forbearance agreements, change in terms and does not include proactive relief offered through our skip pay program, % of Portfolio calculated on Total Loans (excluding PPP loans); 2 No direct consumer credit exposure; 3 Calculated using total requests as of July 16, 2020 as a percent of total loans (excluding PPP loans) period-ending June 30, 2020

14 SOUND CAPITAL AND LIQUIDITY POSITION Tier 1 Risk-Based Capital Ratio1 Loan to Deposit Ratio Peer Median: 11.8% Large, stable deposit base and low PB 13.7% CBSH 13.7% loan to deposit ratio CFR 13.5% Core Deposits Average Loan to SFNC 13.4% Deposit Ratio3 OZK 13.4% 62%Commerce UBSI 13.3% $25.62 Average Loan to UMPQ 12.3% Billion 1 85%Peer AverageDeposit Ratio UMBF 12.1% Total Risk-Based Capital Ratio WBS 12.0% BOKF 12.0% th Total Deposits ASB 11.8% Highest4 among top 50 U.S. Banks based ONB 11.8% on Asset Size1 Core Deposits BXS 11.7% - Non-Interest FCNC.A 11.6% Bearing PNFP 10.9% 6% 94% - Interest Checking VLY 10.7% Certificates of - Savings and HWC 10.6% Deposit Money Market FULT 10.5% FNB 10.2% WTFC 10.0%

1S&P Global Market Intelligence as of December 31, 2020 2Period-end balances as of March 31, 2021 3Includes loans held for sale for the quarter ended March 31, 2021 15 LOAN PORTFOLIO: LIMITED EXPOSURE TO PANDEMIC-SENSITIVE INDUSTRIES

Loan Portfolio Outstandings1 100% = $15.0 billion $ in $ in % of Loan COVID Impacted millions millions Portfolio Industries 12/31 3/31 3/31 COVID Impacted CRE Retail 387 388 2.6% 9% Industries Hotels 303 309 2.1% Senior Living 311 307 2.0% Energy 173 186 1.2% All 91% Retail Stores 111 118 .8% Other Loans Restaurants 67 64 .4% Total $1,352 $1,372 9.1%

1Period-end balances, excluding PPP, as of March 31, 2021 Industry breakdowns represent outstanding balances, excluding PPP loans, as of March 31, 2021, segmented by NAICS codes 16 TODAY’S DISCUSSION

About Commerce Bancshares

Capitalizing on Our Position of Strength

Economic and Industry Themes

Our Strategic Position

Our Performance and Peer Comparisons

17 MACROECONOMIC ENVIRONMENT Massive fiscal stimulus, zero percent monetary policy, positive vaccine news and potential infrastructure package continue to drive our recovery forward. • At year-end, 4Q GDP was down by “only” 2.4% YOY; we project nearly unprecedented growth of 7-10% in 2021. • Unemployment rate quickly fell to 6.0% in March; continued downward movement expected as our economy reopens. • Interest rates are still low but rising with the recovering economy; a reduction in “output gap” and higher future inflation will continue to put pressure on rates.

U.S. Real GDP Unemployment Rate 6.0% 10-year Average "Sustainable" Trend Growth YOY 15.0% Quarterly Average 4.0% Unemployment Rate

2.0%

0.0% 10.0%

-2.0%

-4.0% 5.0% -6.0%

-8.0%

-10.0% 0.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

2017 2018 2019 2020 2017 2018 2019 2020

Sources: Commerce Trust Company, St. Louis Federal Reserve Bank 18 PRIMARY ISSUES CURRENTLY IMPACTING THE BANKING INDUSTRY Bank financial performance tested by COVID-19 1 pandemic and interest rate environment Balance sheets continue to exhibit strong capital 2 and liquidity positions (better than pre-COVID) 3 Increasing importance of technology infrastructure

4 Bank stocks have recovered from early 2020 lows 5 Credit quality has remained (surprisingly) stable Industry consolidation expected to resume as 6 economic uncertainty wanes

Source: Piper Sandler 19 TODAY’S DISCUSSION

About Commerce Bancshares

Capitalizing on Our Position of Strength

Economic and Industry Themes

Our Strategic Position

Our Performance and Peer Comparisons

20 STRATEGIC POSTURE: MAINTAINING THE BALANCE

STRONG PERFORMANCE with Disciplined focus on PRIORITY ongoing refinement of the BLUE CHIP investments “Core Bank” • Diversity, Equity and • Super-Community Bank platform Inclusion • • Relationship-based banking Enterprise Digital Strategy • • High-touch customer service Maximize Value of Key Retail Clients • Full suite of product and service • Grow the Private Bank Through offerings a New Transformative Model • Disciplined attention to risk return • Develop Claims Payment • Divest in businesses & activities • Accelerate Growth in that no longer provide acceptable Healthcare returns • Accelerate Expansion Market • A highly engaged team Growth • • Focus on profitability and Implement Transform 360 shareholder return • Enhance the People Experience

Commerce …emphasis on culture, collaboration and core values EDGE 21 CBI BLUE CHIP: ENTERPRISE DIGITAL STRATEGY

• Creates a single Digital Strategy expanding OUR VISION across all segments of the bank Transform the digital experience by staying • Committed to delivering customer digital current on digital trends and creating solutions more rapidly seamless digital ecosystems that place • Elevates digital leadership to an executive Commerce Bank at the nexus of meeting level customers’ financial needs. WHY • Our current and potential customers’ behaviors have changed, and they expect more digital interactions • Improved ability to leverage digital product development expertise across the enterprise • Better positions us to remain competitive anywhere, with traditional and non-traditional any time. competitors

22 PLAYING OFFENSE: CONSUMER BANKING

Full-service 354 157 branches ATMs $12.2 $2.0 1.1 BILLION BILLION MILLION Consumer Consumer Consumer Deposits1 Loans2 Households1

Focus on Digital

Commerce Bank Digital HH Digital Loan Mobile App Rating Penetration Sales (000s) Deposit Use 4.7 65.9% $47,165 24% 4.7

Period end balances. All information as of December 31, 2020 1Excludes Wealth segment 2Excludes loans from our Wealth segment and $1.9 billion of personal real estate loans 23 PLAYING OFFENSE: CONSUMER BANKING Enhancing the Customer Experience Engaging with customers through the channels they prefer. • Technology investments • New engagement programs CommercePremier • Enhanced product offerings • Improved operating model

Consumer Digital Evolving digital experiences to meet our customers’ expectations. • Offered digital account opening post-login • Intelligent Marketing Pilot launched for loan products 2019 2020 • Implemented online banking chat for Mortgage customers • Enhanced the password reset self-service functionality 22 21 releases releases • Improved the account transaction history search and

calendar usability 24 PLAYING OFFENSE: CONSUMER BANKING Commerce Bank CONNECT® Mobile App Personalized experience allowing customers to engage with a banker they choose, right from their smartphone

• First in the region to introducing this innovation, enabling high-touch service through a digital channel

• Secure platform for customers to message directly with their banker

Commerce Bank Mortgage Mortgage An end-to-end, fully coordinated solution that allows the made simple. consumer to transact via web, phone, face‐to‐face (now Stress less. virtually) or any combination – throughout the loan lifecycle, including servicing. We’ve got this.

• Continue to enhance the digital mortgage platform; e-Closing implementation

• Continue to evolve and transform the sales process to align with changing customer behavior

25 PLAYING OFFENSE: COMMERCIAL BANKING Revenue growth opportunities Financing solutions – options for all sizes and types of businesses • Equipment Financing • Working Capital Lines of Credit • Government Lending Programs • International Financing • Term Financing • Interest Rate Swaps • Employee Stock & Ownership Financing • Construction & Real Estate Loans • Floor Plan Lending • Tax-exempt Financing $10.9 $11.3 $609 BILLION BILLION MILLION Commercial Commercial Commercial Loans Deposits Revenue

Commercial Loans Commercial Deposits Commercial Revenue $ in billions $ in billions $ in millions $10.9 $11.3 $609 $9.6 $9.1 $548 $547 $8.0 $8.1

2018 2019 2020 2018 2019 2020 2018 2019 2020

Commercial segment as of December 31, 2020 26 COMMERCIAL BANKING – EXPANSION MARKETS OFFER GROWTH OPPORTUNITIES Expansion Market Loan Growth Team Overview for Expansion $ in millions Fee Income Market Loan Expansion Markets $2,466 Growth $2,316 Growth # of team members per market $2,200  106% (includes open positions) 110% since 2015 2020 $1,913 since 2015 $1,619 Oklahoma 48 $1,338 Texas 19

Denver 42

Cincinnati/ 12 Indianapolis

Nashville 4 2015 2016 2017 2018 2019 2020 Expansion Markets • Cincinnati • Houston Des Moines 3 Oklahoma Nashville • Dallas • Indianapolis Texas Des Moines • Denver • Nashville Grand • Des Moines • Oklahoma City 2 Denver Grand Rapids Rapids • Grand Rapids • Tulsa Cincinnati & Indianapolis

Period end balances as of December 31, 2020 27 INDUSTRY-LEADING COMMERCIAL PAYMENTS CAPABILITIES Innovative payments solutions to manage payables and receivables to streamline cash flow

Key Verticals $174 Payments MILLION Revenue Tailored return on investment-based solutions Treasury enables healthcare providers to enhance the $52.3 Management patient experience, improve cash flow, and MILLION Revenue leverage new opportunities in everyday processes. $8.5 Commercial BILLION Card Volume Claims Payments With the help of our insurance advisory council, Claims Payments was built for the industry with $6.1 Merchant the input of insurance experts. We help insurance BILLION Volume companies provide faster payments to their customers.

Information as of December 31, 2020 28 COMMERCE HEALTHCARE Specialty Healthcare Division We build and implement innovative banking technologies to improve the patient payment experience, reduce cost and accelerate cash Well-positioned to deliver our payment automation technologies as healthcare organizations re-design their supply chain processes and help patients manage their healthcare bills

Patient Lending solutions Recognized by Beckers as a reached $1 billion in ‘Top Healthcare Company You focus on funding since inception to Know’ patients. Providing payment Successfully completed We’ll focus on automation solutions to ‘HFMA Peer Review’ payments. more than 350 hospitals certification nationwide Expanding our solutions portfolio

*HFMA staff and volunteers determined that these healthcare business solutions have met specific criteria developed under the HFMA Peer Review process. HFMA does not endorse or guarantee the use of these healthcare business solutions or that any results will be obtained 29 For high-net-worth individuals who are looking to simplify their complex financial life, Commerce Trust Company provides a full-service approach to wealth management.

TH Largest17 Among $61 $38 $611 Bank-Managed BILLION BILLION MILLION Total Client Assets Under Managed Trust 2 Companies1 Assets Management Brokerage Assets

Total Client Assets2 Assets Under Management $ in billions $ in billions $56.7 $61.2 $48.7 $50.0 $38.2 $43.1 $34.4 $30.0 $30.3 $25.4

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Period end balances. Information as of December 31, 2020 1S&P Global Market Intelligence ranking as of 12/31/2020, based on assets under management 2Assets under administration 30 Key Growth Initiatives Strengthening our wealth brands • Implement new Private Banking Lending System • Accelerate growth of Mass Affluent households • Implement enhanced sales process with new Client Relationship Management system • Expand the CTC brand • Enhance the digital client experience • Invest in team training and onboarding resources

31 TODAY’S DISCUSSION

About Commerce Bancshares

Capitalizing on Our Position of Strength

Economic and Industry Themes

Our Strategic Position

Our Performance and Peer Comparisons

32 FINANCIAL PERFORMANCE IN 2020 ROA ROCE Growth Growth in Net in loans deposits period end period end interest 2.99% 1.20% 10.6% 1 margin 11% 31%

Expense Dividend Net loan growth growth charge- Fee  offs to .22% income 4% loans 0% 9%

CBSH: Strong shareholder returns, sustained over time: CBSH: 3.5% KBW: Commerce Bank annualized Total KBW: 9.1% -10.3% Shareholder Return vs. KBW Bank Index 2.2% 15-year 1-year (annualized) 1Net yield on interest earning assets (T/E); All information as of 12/31/2020 33 2020 YEAR END EARNINGS % $ in millions 2019 2020 change Return on Net interest income $ 821 $ 830 1% Assets Non-interest income 525 506 -4% 2019: 1.7% Total revenue 1,346 1,336 -1% 2020: 1.2% Cash Dividends Securities gains 3 11 NM 2019: $0.94 Non-interest expense (767) (768) 0% Return on 2020: $1.03 Provision for loan losses (50) (137) 172% Common Pretax income 532 441 -17% Equity 2019: 14.1% Income taxes (109) (87) -20% Ending 2020: 10.6% Stock Price Net income 423 354 -16% 2019: $64.70 Non-controlling interest expense (2) (0) NM Efficiency 2020: $65.70 Net inc attrib. to Commerce 421 354 -16% Ratio Preferred stock dividends (9) (12) NM 2019: 56.9% Net income available to 2020: 57.2% $ 412 $ 342 -17% common shareholders Diluted EPS $ 3.41 $ 2.91 -15%

34 A FULL-SERVICE, DIVERSIFIED OPERATING MODEL Card, Wealth & Deposit fees provide stable, growing revenue source Revenue Source Diversification Non-Interest Income Compared to Peers $ in millions $501 $525 $506 6% $447 $461 2% 5% 10% 10%

4% 4% 3% 7% Commerce 2016 2017 2018 2019 2020 Bank 62% 12% Peers Continued focus on growing fee income through 74% Banks new and existing product and service offerings

• Prepaid Expense • Accounts Payable Automation • RemitConnect™ • Interest Rate Swaps • • Net Interest Income Fees and Commissions Claims Payments CommerceHealthcare™ Wealth Management Card Income • Horizons • Asset Management Deposit Service Charges Other

Peer Banks include: ASB, BOKF, BXS CFR, FCNC.A, FNB, FULT, HWC, ONB, OZK, PB, PNFP, SFNC, UBSI, UMBF, UMPQ, VLY, WBS, WTFC Source: S&P Global Market Intelligence as of December 31, 2020 35 CAPITAL AND ASSET QUALITY VS. PEER BANKS YTD Dec 2020 Tier 1 Capital Troubled Loans/Assets Prosperity 13.7% Commerce 0.08% Commerce 13.7% Umpqua 0.11% Cullen/Frost 13.5% Cullen/Frost 0.15% Simmons First 13.4% Prosperity 0.17% Bank OZK 13.4% Pinnacle Fin 0.25% United 13.3% UMB 0.28% Umpqua 12.3% Wintrust 0.29% UMB 12.1% Bank OZK 0.30% Webster Fin 12.0% BancorpSouth 0.45% BOK 12.0% Hancock 0.45% Associated 11.8% First Citizens 0.48% Old National 11.8% Valley 0.48% BancorpSouth 11.7% United 0.48% First Citizens 11.6% FNB Corp 0.48% Pinnacle Fin 10.9% Webster Fin 0.52% Valley 10.7% Fulton 0.55% Hancock 10.6% Simmons First 0.64% Fulton 10.5% Old National 0.65% FNB Corp 10.2% Associated 0.67% Wintrust 10.0% BOK 0.68%

Metrics include Tier 1 Capital and Non-Performing Assets Excl Restructured/Total Assets Source: S&P Global Market Intelligence, YTD 12/31/2020 36 PERFORMANCE THROUGH DOWNTURNS Return on Average Assets CBSH Peer Average Recession 2.0% 25-year average CBSH: 1.37%

1.5% Peers: 0.99%

1.0%

0.5%

0.0% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Source: S&P Global Market Intelligence, data as of 12/31/2020 Peer Banks include: ASB, BOKF, BXS, CFR, FCNC.A, FNB, FULT, HWC, ONB, OZK, PB, PNFP, SFNC, UBSI, UMBF, UMPQ, VLY, WBS, WTFC 37 FINANCIAL HIGHLIGHTS QTD MARCH 31, 2021

$ millions (except EPS) 1Q2020 1Q2021 % change Net Income attributed to Commerce $52 $131 152%

Return on Average Assets .80% 1.63% 104%

Return on Average Common Equity 6.5% 15.7% 142%

Efficiency Ratio 59.2% 56.4% (5)%

Average Loans $14,694 $16,333 11%

Average Deposits $20,268 $26,489 31%

Diluted EPS* $.42 $1.11 164%

*Per shares figures have been restated for 5% stock dividend distributed in December 2020 38 LONG-TERM VIEW: NET INCOME AND EARNINGS PER SHARE

$450 $4.00

400 Earnings Per Share Net Income 3.50 350 3.00 300

250 2.50 $ 000s $ 200

2.00 Net Income Net 150 1.50 100

50 1.00 (EPS) Share per Earnings 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Dividends $0.57 $0.59* $0.61 $0.64 $0.67 $0.71 $0.74 $0.81 $0.94 $1.03 per share EPS REMAINS STRONG 2020 MARKED THE 52ND CONSECUTIVE YEAR OF DIVIDEND GROWTH

*Excludes 2012 special dividend of $0.97 All data has been restated for 5% stock dividend distributed in December 2020 Net Income represents Net Income Available to Common Shareholders 39 STEADY SHAREHOLDER RETURNS as of March 31, 2021 Annualized Comparison Total Shareholder Returns Indexed, 3/31/2006 = $100 Total Shareholder Returns Percent $450 CBSH KBW Bank COMMERCE 100 NASDAQ Bank S&P 500 400 S&P 500 90 80 350 70 300 60 250 NASDAQ 200 BANK 10 KBW BANK 0 150 1 Year 3 Year 5 Year 10 Year 15 Year 100 CBSH 62.4% 15.8% 18.7% 14.5% 10.3% NASDAQ 50 BANK 91.6% 6.7% 13.9% 12.1% 4.7% KBW 0 BANK 90.1% 7.4% 16.4% 11.4% 3.4% 2007 2009 2011 2013 2015 2017 2019 2021 S&P 56.3% 16.8% 16.3% 13.9% 10.0% Consistent, positive returns to shareholders Significant outperformance relative to banks over long period

Source: Corporate Finance, Bloomberg; data as of 3/31/2021 40 Playing Offense in a Challenging Time